Apartment 508 in this 62 Mt Alexander Rd, Travancore complex is on the market for $400,000-$440,000.Source:Supplied

The typical Travancore unit is also 18 per cent cheaper than it was in 2014, at $350,000.

There have also been big price reversals in Windsor (unit median down 14 per cent to $460,000 in five years), Bundoora (9.5 per cent to $400,000), and Melbourne postcode 3006 and Carlton (both down 9 per cent to $573,750 and $370,000 respectively).

The majority of the unit markets that have gone backwards are in the oversupplied inner-city, with Port Melbourne, Docklands, Southbank, Moonee Ponds and North Melbourne also among them.

27A The Avenue, Windsor is asking $695,000.Source:Supplied

Andrew Winter: How to negotiate a better price

Andrew Winter: How to negotiate a better price

Finder.com.au insights manager Graham Cooke said the barrier for first-home buyers entering the market was “shrinking”.

“In the last five years, we’ve seen a major drop in unit prices across Melbourne, which is likely a result of a misalignment between supply and demand,” he said.

The Melbourne market downturn had also caused house prices to decline over the past year, with leading economists tipping a further fall of up to 8 per cent by the end of 2019, Mr Cooke said.

“So Victorians thinking of entering the market might want to hold out for further price drops,” he said.

Acacia Place in Abbotsford offers affordable apartments and lifestyle perks.Source:Supplied

101/4 Acacia Place, Abbotsford is for sale for $599,000.Source:Supplied

He said those who bought into modern apartment complexes, like Acacia Place on a bend of the Yarra River, also gained access to quality communal facilities, including cafes, pools and wellness centres.

But Mr Hobbs warned buyers looking at new apartments they may face challenges when it came time to onsell, with an oversupply of inner-Melbourne units diluting demand and as a result, sale prices.

“Anything on a bit of dirt is always going to have stronger demand,” he said.

First-home buyers and investors were the most common purchasers of Abbotsford apartments, with the latter often achieving solid rental yields.